Frontera Share Discussion Threads

[yourwrong] 03/11/2017 10:38

Bhaa Bhaa Bhaa

[bumpa33] 03/11/2017 10:34

some things never change - always ifs buts and maybes with this crock.

[yourwrong] 03/11/2017 10:33

Slaughter of the silly lambs

Bhaa Bhaa Bhaa

[yourwrong] 03/11/2017 10:32

Back to the 0.30

[tickboo] 03/11/2017 10:28

Drilling permit for Dino-2 well has been issued by the State Agency of Oil and Gas.

[bumpa33] 03/11/2017 10:27

sparklers all round it would seem.

[yourwrong] 03/11/2017 10:26

All those shareholders locked in London.

[bufala] 03/11/2017 10:23

Well, well, well

Here came the problems

[tickboo] 03/11/2017 10:21

I like this bit -Pursuant to the terms and provisions of Frontera Resources' production sharing agreement, the Study Program has a 5-year term and it delineates the entire Block 12 as the area where the Study Program will be implemented. Pending completion of the Study Program and notification of respective results, no relinquishment of any part of Block 12 is due for the duration of the Study Program.Shame Dino is now kicking off next year but good to see extensive ud-2 testing is underway. I guess the US senators made the MOE see the light.

[tickboo] 03/11/2017 10:17

Frontera Resources Corporation (AIM: FRR), the European-focused independent oil and gas exploration and production company, is pleased to provide an update on its progress in Georgia in advance of the Annual General Meeting ("AGM") scheduled for later today. Additionally, a power point presentation given at the AGM will be uploaded to the Company's website (www.fronteraresources.com) simultaneously with the commencement of the AGM.Further to the filing of its Notice of Feasibility of Commercial Production as announced on 11 April 2017, the Company has commenced implementation of a program to study commerciality of Block 12 (the "Study Program"), in order to reach conclusion regarding sustainability of commercial production. Commencement of the Study Program represents another important milestone in Company's ongoing work and its goal to reach commerciality of production, as it is primarily associated with operations targeting the substantial oil bearing Eldari Formation and other related geologic targets where independent assessment by Netherland, Sewell & Associates ("NSA") estimated to contain significant resources.Pursuant to the terms and provisions of Frontera Resources' production sharing agreement, the Study Program has a 5-year term and it delineates the entire Block 12 as the area where the Study Program will be implemented. Pending completion of the Study Program and notification of respective results, no relinquishment of any part of Block 12 is due for the duration of the Study Program.The Study Program provide for combination of work designed to reach conclusion that the commercial production is sustainable. As announced earlier, the immediate program for near term consists of sidetracking and deepening of wells in the Taribani area: Dino-2 and T-45.With respect to wells Dino-2 and T-45, the Company has entered into materials and services agreements with various service providers for provision of long lead items such as tubulars, drilling fluids, mud and chemicals. Due to the delivery schedule associated with these long lead items, operations at Dino-2 well are now scheduled to commence in January 2018. Additionally, negotiations are currently underway with drilling and cementing service providers and respective contracts are expected to be entered into shortly.Drilling permit for Dino-2 well has been issued by the State Agency of Oil and Gas.The well Dino-2 will be drilled to a target depth of 2700m and, as previously announced on 10 October 2017, Zones 9, 14 and 15 of the Eldari reservoir will be stimulated and produced together.As announced earlier, operations at Dino-2 well will be followed by operations at T-45 well. Subsequently, further wells for drilling and sidetracking will be selected.With respect to operations at well Ud-2, as announced on 2 October 2017 the Company has commenced extensive testing of the well following successful completion of workover operations. An update will be provided in due course as this work unfolds.

[noirua] 03/11/2017 09:22

Frontera Resources Corporation (AIM: FRR), the European focused oil and gas exploration and production company, today announces that it will hold its Annual General Meeting of shareholders ("Annual General Meeting") on 3rd November 2017, at 1:00 p.m. (GMT), at 1 America Square, 17 Crosswall, London, EC2N 2LB, the United Kingdom.

[ccr1958] 03/11/2017 09:01

MMs happy to take our shares in large numbers , I always think that is Bullish !!

[ccr1958] 03/11/2017 07:33

A couple of roll overs from yesterday to start the day , let the smoke and mirrors begin !!

[loglorry1] 02/11/2017 22:23

Nobull it's academic really as Block 12 looks rubbish. However if something did turn up and the PSC allowed the MoE to take it back then that makes sense rather than allowing FRR to take the first $400M from it.

[nobull] 02/11/2017 22:05

Loglorry, a very well made point about the MOE being incentivised to get back Block 12 so that the cost recovery pool can't be utilised, a point I had not thought of.

[cudmore] 02/11/2017 18:40

Bullet ant

How’s your short😩ԅ53;

Don’t bother replying as your filtered!!

[cudmore] 02/11/2017 18:39

Up 85% on these.....and i’m Still expecting more! 😂

[yourwrong] 02/11/2017 16:19

I think Bullet Ant is right with you.

The MOE wants its 51% profit.

The more you add in the less you generate.

The Sharing Agreement is clearly viewed in different ways from both parties. Frontera wants to recover the jolly expenses, the MOE does not want them in.

[loglorry1] 02/11/2017 16:11

I don't think you have understood the recovery pool concept. I don't know the exact terms of the PSC but the recovery pool usually means that an operator can recovery costs incurred on the license from revenues. So it may well be that the MoE don't get paid until all the costs spent on the license have been recovered. It still means that FRR have to generate these revenues it just means they won't have to pass on revenue to the MoE until costs are recovered.

If anything that's gotta be a negative as it will incetivise the MoE to end the license early and prevent FRR moving to a production phase if they are able to.

[yourwrong] 02/11/2017 16:05

Everything goes in the recovery pool....


..... REALLY....


I bet this senator Ted does not have a clue about this Sharing Agreement

[loglorry1] 02/11/2017 15:52

Yourwrong - sorry I don't understand what you mean here. Are you saying the Georgian MoE are liable for 51% of FRRs balance sheet liabilities. If so then I'm 99% sure you are wrong about that.

[yourwrong] 02/11/2017 15:23

And yes Frontera expects the Georgian MOE to pick 51% of that....as part of the Sharing Agreement...
Discussion ongoing, might end up to Court....

[loglorry1] 02/11/2017 15:19

At 6/2017 FRR had long term debt of $33,500,743. I think from memory it is due in 2020 which is only two years or so away.

On top of that there were $14,210,091 in current liabilities + 9K of capital leases giving a total of $47,719,763 in liabilities.

I don't know if the debt was at the top co or lower.

Here is a link to the accounts

On December 20, 2016 the convertible notes were restructured and note holders exchanged $30.1
million of notes due in 2016 into new secured notes due August 2020 (the “2020 Notes”). The 2020
notes are not convertible into ordinary shares of the Company, and bear an interest rate of 10 percent
if paid in cash or 12 percent if paid in-kind with additional notes at the Company’s election.

Given that the notes are likely to be PIK then the debt is growing at 12% p.a. or about $4m/year.

So by redemption in 2020 it will total around $37m assuming its not paid down.

There is going to have to be some production ramp up from the current to enable this debt to be serviced.

BTW although there are already 14.5bn shares in issue they have authorization for 17.5bn so room for another 3bn shares.